Canaccord Genuity Reiterates a 'Buy' on MAP Pharmaceuticals (MAPP); Update From Global Growth Conference

Canaccord Genuity reiterates a 'Buy' on MAP Pharmaceuticals (NASDAQ: MAPP) price target of $23.00.

Analyst, Randall Stanicky, said, "We had both MAPP CEO Tim Nelson and CFO Chris Chai present at our annual Canaccord Global Growth Conference. We remain bullish on LEVADEX (for acute migraine) and continue to think approval is likely a 1Q 2013 event. MAPP is partnered here with Allergan (NYSE: AGN) on the specialist side and plans to find a commercial partner for primary care and RoW, leaving another key catalyst post approval. While stock upside remains linked to approval, we are buyers of the path from here to approval."

Other highlights include: 1) Resubmission of LEVADEX approval remains on track; 2) FDA clarity from Complete Response Letter helps de--risk approval; 3) Acute migraine market remains large, as does our peak sales forecast.

For an analyst ratings summary and ratings history on MAP Pharmaceuticals click here. For more ratings news on MAP Pharmaceuticals click here.

Shares of MAP Pharmaceuticals closed at $13.69 yesterday.

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